Tuesday Tip: Have A Pro Review Your Entity Structure

[Matthew Cervoni]

Make sure to have your entity structure reviewed by a professional who understands the nuance between the different types of entities. Be clear about what you intend to do in each business so that they can help guide you to the entity that will provide the best tax & legal benefits. 

Also, beware of professionals with a "one-size-fits-all" attitude or recommendations to run all of your business activities in one LLC (such as combining agent/wholesale activity with rental properties).

Lastly, remember that you do not need an entity to take tax deductions on your business or rental property. Even if you are operating as a sole proprietor, keep track of your income and expense receipts for tax time!